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2013

REVENUE
Miscellaneous Revenue 825.00 $
Sales 1,588,571.00 $
Less: Sales retuns and allowances 61,111.00 $
Sales discounts taken 15,405.82 $
Net Sales 1,512,879.18 $
COST OF GOODS SOLD
Beginning Inventory 101,681.00 $
Purchases 1,132,955.00 $
Fright in 24,642.69 $
Less: Returns and Allowances 19,445.00 $
Discounts Taken 16,650.40 $
Goods Available for sale 1,223,183.29 $
Ending Inventory 198,296.00 $
Cost of Goods Sold 1,024,887.29 $
GROSS MARGIN 487,991.89 $
OPERATING EXPENSES
Wages and Salaries 141,198.14 $
Payroll Taxes 11,528.80 $
Rent 57,600.00 $
Bad Debit Expense 3,780.14 $
Depreciation 35,109.50 $
Advertising Expense 21,905.00 $
Office Supply Expense 5,621.45 $
Other Operation Expense 29,287.75 $
Total operating Expenses 306,030.78 $
OPERATING INCOME (LOSS) 181,961.11 $
NONOPERATING EXPENSE-INTEREST 197.26 $
INCOME (LOSS) BEFORE TAXES 181,763.85 $
FEDERAL INCOME TAXES 52,184.99 $
NET INCOME (LOSS) 129,578.86 $
RETAINED EARNINGS - Beginning of Year 90,264.99 $
DIVIDENDS 0
RETAINED EARNINGS - End of Year 219,843.85 $
Waren Sports Supply
STATEMENT OF INCOME AND RETAINED EARNINGS
Years Ended December 31, 2013 and 2012